29 Oct 2018Posted By: Mudit Handa


Government widens Rectification Facility for Shipping Bills to ease IGST Refunds

It is beyond doubt that in the present situation, a large number of exporters are struggling to claim the refunds of IGST that they had incurred on the exports they had carried out. These IGST's refunds are identified with the time of over a year since the presentation of the GST regime in India.

  • It has been clearly perceived by the GST authority that the exporters who have the GST registration had inconsiderately left such a large number of faults while the GST return filing system. This has genuinely hampered the process of authorizing or benefiting of the IGST discount to them by the central government.
  • In this respect, the Central Board of Indirect taxes and Customs (CBIC) has freshly presented a few arrangements and provisos through which different errors because of the irregularity or mismatch between the Shipping Bill and the information recorded in GST return filing process regarding the FORM GSTR-1 can be redressed in the framework.
  • Prominently, the central government has made various efforts in such manner in a previous couple of months. As of late, the Central Board of Indirect taxes and Customs (CBIC) on October 9, 2018, had formally pronounced the Central Goods and Services Tax (Twelfth Amendment) Rules, 2018 vide its Notification 54/2018 under the heading 'Central Tax'. This change was made regarding discount cases of the IGST paid exporters who have GST registration, on determined sorts of provisions.
  • With the end goal to give some alleviation to the exporters who have the unique Import Export Code, the CBIC has now expanded the rectification facility for the Shipping Bills that have been documented by them up to 15th November 2018.

 

#1. Why did the CBIC broaden the rectification facility for Shipping Bills?

The fundamental explanation the administration has given to expanding the rectification facility for the Shipping Bills is that it has followed certain instances of ‘Differential IGST Refunds’. This means that the refund scroll had been made for a much lower amount of IGST than what has really been paid or incurred against the exported goods in a few cases of mismatch between the Shipping Bill and the data recorded in GST return filing procedure.

 

#2. What arrangement has been given to correct the IGST sums?

  • According to the new arrangement, the Exporters who have Import Export Code would now be able to record a Revised Refund Request (RRR) Form for the revealing the differential amounts of IGST under the substituted instrument.
  • In any case, this is a One Time process just for the update of IGST refund claims by the exporter having the GST registration and settling all mismatches of his GST amount between the Shipping Bill (SB) and details entered in the FORM GSTR-1.

This will additionally streamline and accelerate the process of availing the refunds under GST.

To know more, please refer to the  .

 

If you need any sort of assistance related to the process of getting a GST registration procedure or Import Export Code, feel free to contact our business advisor at 8881-069-069.

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